Adit EdTech intends to file a proxy statement with the SEC. MW will be operational by 2023, with a breakeven bitcoin production cost materially below its peers and a cost of scaled bitcoin production of under $6,225 per BTC. Adit Ventures is an investment adviser whose principals have combined investment experience of over 150 years and a track record of value creation in portfolio companies operating in the public markets. Head to consensus.coindesk.com to register and buy your pass now. transaction and shall not constitute an offer to sell or a solicitation of an offer to buy the securities of Adit EdTech, GRIID or the combined company, nor shall there be any sale of any such securities in any state or jurisdiction in which such TipRanks is a comprehensive research tool that helps investors make better, data-driven investment decisions. Assuming no redemptions, current GRIID equity holders will own approximately 90%, Adit EdTech public stockholders will own approximately 8% and Adit EdTechs sponsor will own approximately 2% of the outstanding shares of voting stock of the combined company at closing, respectively. Adit EdTech Acquisition Corp. Adit EdTechs strategy is to focus on companies which offer an opportunity for stockholder value creation through the combination of (i)an attractive valuation entry point, (ii)a. clear plan to unlock incremental value through operational and/or strategic improvements and (iii)a clear path to bring the target company to the public market and implement best-in-class public company governance. Before making any voting decision, investors and security holders of Adit EdTech are urged to read the conditions to the consummation of the transaction, including the adoption of the merger agreement by the stockholders of Adit EdTech and the receipt of certain governmental and regulatory approvals, (iv)the lack of a third party valuation in The merger between GRIID and Adit EdTech Acquisition Corp. (ADEX) represents a pro forma combined company enterprise value of approximately $3.3 billion. Adit EdTech intends to file a proxy statement with the SEC. Its CEO, David Shrier, has published multiple books about blockchain and fintech, created the global online fintech and blockchain HIVE offers shareholders exposure to the operating margins from cryptocurrency mining plus a growing portfolio of coins. other documents regarding the proposed transaction with the SEC. We refer you to the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of Adit EdTech's Annual Report on Form 10-K for the year ended December 31, 2020, and other filings made with the SEC and that are available on the SEC's website at www.sec.gov. They are building a network of large, underground utility tunnels that improve infrastructure and rapidly accelerate the transition to 100% clean energy by enabling underground clean . Please note all . All of the forward-looking statements made in this press release are expressly qualified by the cautionary statements contained or referred to herein. The actual results or developments anticipated may not be realized or, even if substantially realized, they may not have the expected consequences to or effects on GRIID, Adit EdTech or their respective businesses or operations. Our team has demonstrated a track record of successful execution over the past three years since starting the company, and we look forward to delivering expansion of capacity through These forward looking statements speak only as of the date of GRIID, an American infrastructure company, is a vertically integrated bitcoin self-mining company that owns and operates a growing portfolio of bitcoin mining This press release is not a proxy statement or solicitation of a proxy, consent or authorization with respect to any securities or in respect of the proposed Nov 30 (Reuters) - Bitcoin miner Griid Infrastructure said on Tuesday it would go public by merging with blank-check firm Adit EdTech Acquisition Corp (ADEX.N) in a deal valuing the combined. The SPAC Deal: Griid Infrastructure announced a merger with Adit Edtech Acquisition Corp ADEX. Securities filings can be found on SEC EDGAR at www.sec.gov), Additional Information and Where to Find It. Probing the intersection of crypto and government. "It should be decent compensation for everything, for . With its unique Investors and security holders will be able to obtain free copies of the proxy statement/prospectus and all other relevant documents filed or that will Adit EdTech also will file Blockchain technology is revolutionizing finance and there are very few ways for investors to gain exposure to businesses in this space. Founded in 2018 and headquartered in Cincinnati, Ohio, GRIID has secured one of the largest and lowest-cost power pipelines in the industry with a focus on carbon-free generation partners. Based on 508 Wall Street analysts offering 12 month price targets to DE:GRID holdings in the last 3 months. All rights reserved. Information regarding Adit EdTechs directors and executive officers is available in Adit EdTechs Annual Report on Form 10-K for the year ended December 31, 2020 filed with the SEC on April 15, 2021. You need a reliable and cheap source of electricity for your hardware. The transaction is expected to provide approximately $246 million of cash at closing from Adit EdTechs trust account, after payment of Adit EdTechs transaction expenses and without giving effect to any redemptions by Adit EdTech public stockholders. Track . Growth Ahead: Transaction proceeds from going public are expected to help fund the companys growth plans. Wells Fargo Securities LLC, acted as the "EEI and our member companiesAmerica's investor-owned electric companiesare at a global inflection point," said Kuhn. Readers are cautioned not to rely too heavily on the forward-looking statements contained in this communication. prior to registration or qualification under the securities laws of such state or jurisdiction. Past: experienced fintech market leader, building optimization tools for hedge funds.<br><br>Now: Energy infrastructure. GRIID supports the growth of carbon-free energy generation by procuring low-cost energy to build, manage, and operate its portfolio of vertically integrated bitcoin mining facilities. After the merger, the new company will trade as GRIID Infrastructure Inc and the ticker GRDI on the NYSE. Trey Kelly, CEO of GRIID, said, We are building an American infrastructure company with the largest pipeline of committed, carbon-free power among public bitcoin miners at the lowest cost of scaled production. Adit EdTech's CFO, John D'Agostino, founded and leads the AIMA Digital Asset Working Group, is Chair of the of the UK Government's Department International Trade's Asset Management Working Group, and is Fellow of the AIF Global Financial InnovationInstitute. After the merger, the new company will trade as GRIID Infrastructure Inc . financial advisor to Adit EdTech for capital markets and M&A advisory services. Download a PDF copy of our corporate presentation. Just like HTTP, the original vision of Satoshi proof-of-work mining is the backbone of the whole blockchain world. the transaction may not be completed by Adit EdTechs business combination deadline and the risk that Adit EdTech may not obtain an extension of the business combination deadline if sought by Adit EdTech, (iii)the failure to satisfy the The actual results or developments anticipated NEWS RELEASE Feb 21, 2023. . GRIID's existing management team, led by President and CEO Trey Kelly, will continue to lead the business. What is the difference between GPU-based and ASIC-based mining? To learn more, visit griid.com. This mechanism is known as proof-of-work mining, a system where a decentralized network of miners commit work using electricity to power computer hardware in exchange for receiving rewards in the form of cryptocurrency. Information regarding the persons who may, under the rules of the SEC, be deemed participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or this press release. The foregoing list of factors is not exhaustive. the receipt of certain governmental and regulatory approvals, (iv)the lack of a third party valuation in determining whether or not to pursue the proposed transaction, (v)the occurrence of any event, change or other circumstance that potential, predict, seek, should, would or by variations of such words or by similar expressions. This press release includes "forward-looking statements," within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended. offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. Its CEO, David Shrier, has published multiple books about blockchain and fintech, created the global online fintech and blockchain programs for the Massachusetts Institute of Technology and the University of Oxford, and serves as a non-executive director of blockchain infrastructure company Copper Technologies. Announces Adjournment of Special Meeting to Approve Extension Proposal. EdTechs securities, which may be volatile due to a variety of factors, including changes in the competitive and regulated industries in which Adit EdTech plans to operate or GRIID operates, variations in operating performance across This press release includes forward-looking statements, within the meaning of Section 27A of the Securities Act of 1933, as amended (the Securities Act), and Section 21E of the Securities Exchange Act of 1934, as amended. Griid plans on having a breakeven. Investors and security holders will be able to obtain free copies of the proxy statement and all other relevant documents filed or that will be filed with the Intel's second-generation miner, dubbed the Bonanza Miner 2, is the second most efficient on the market, according to an investor presentation filed in November by Griid Infrastructure, one. redemptions of shares of Adit EdTech by its public stockholders and approximately $125million of debt outstanding as of the closing (which debt is drawn down under GRIIDs $525million secured credit facility with Blockchain.com). Plus500. and commercial due diligence. Investors and security holders will be able to obtain free copies of the proxy statement and all other relevant documents filed or that will be filed with the SEC by Adit EdTech through the website maintained by the SEC at www.sec.gov. ADEX Price Action: ADEX shares were up 1.22% at $9.97 late Tuesday morning. CINCINNATI, Nov. 22, 2021 (GLOBE NEWSWIRE) -- GRIID Infrastructure, a vertically-integrated bitcoin self-miner, today announced it has secured a $525 million credit facility from Blockchain . filed with the SEC on April15, 2021. Intel's second-generation miner, dubbed the Bonanza Miner 2, is the second most efficient on the market, according to an investor presentation filed in November by Griid Infrastructure, one of three firms known to have secured supply agreements with the chip giant. The chip is custom-built for this purpose only and has no flexibility to mine anything other than Bitcoin. Contact us. What is the difference between a cloud mining contract and investing in HIVE? The company offers high-density data centers to procure defensible power and monetize it through vertically integrated bitcoin mining operations. The company is headquartered in Cincinnati, Ohio. Global Investors and Executive Chairman of HIVE, % of basic common shares outstanding, based on public filings, HIVE Blockchain Q3 F2023 Results Earnings Webcast, Stonegate Capital Partners Initiates Coverage on HIVE Blockchain Technologies LTD. (NASDAQ: HIVE), Condensed Interim Consolidated Financial Statements for the three months ended September 30, 2022 and 2021. GRIIDs combination of a large Being a first mover to list on a major public exchange was a key part of HIVEs strategy. the combined company is expected to operate under the name GRIID Infrastructure Inc. and be listed on the NYSE under the new ticker symbol GRDI. Covington& Burling LLP acted as legal advisor to Adit EdTech. otherwise, will be contained in the proxy statement and other relevant materials to be filed with the SEC when they become available. Through our affiliation with our sponsor and management team, we will seek to acquire established businesses that we believe are fundamentally sound but potentially in need of financial, operational, strategic, or managerial transformation to maximize value for stockholders. vertically integrated business model and power pipeline, GRIID is leading the global effort to support the Bitcoin network and carbon-free energy markets. The small Ohio-based GRIID is. available on the SECs website at www.sec.gov. private firms that the principals believe are driving todays market and shaping tomorrows economy. otherwise, will be contained in the proxy statement/prospectus and other relevant materials to be filed with the SEC when they become available. Except as required by law, neither GRIID nor Adit EdTech undertakes any obligation, and specifically declines any obligation, to update or revise any forward-looking statements, whether as a result of new information, future Information regarding the persons who may, under the rules of the SEC, be deemed participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the proxy statement and other relevant materials to be filed with the SEC when they become available. How Ethereum's evolution impacts crypto markets. GRIID anticipates fiscal year 2023 revenue of $1.6 billion. GRIID, Adit EdTech and their respective directors, executive officers and employees may be deemed to be participants in the solicitation of proxies in respect The transaction is expected to provide approximately $246 million of cash at closing from Adit EdTech's trust account, after payment of Adit EdTech's transaction expenses and without giving effect to any redemptions by Adit EdTech public stockholders. Data delayed 15 minutes unless otherwise indicated (view delay times for all exchanges). There are more than a million miners today from "Mom and Pop's" to Governments. On a larger scale, investor-owned utilities in some regions of the United States have recently begun offering "Community Resiliency" programs wherein a commercial-scale customer (often a school, church or community center) hosts utility-owned solar-plus-storage system, which can provide economic and resilience benefits for the customer, the . We currently mine Ethereum, Ethereum Classic and Bitcoin. HIVE is relatively unique in that it is one of the first significant crypto mining businesses to be publicly listed. The $246 million of anticipated net transaction proceeds, assuming no redemptions, and an existing $525 million credit facility will be used to fund GRIID's growth and accelerate scale. Adit Ventures offers curated and professionally managed access to equity in Sanders LLP acted as legal advisor to GRIID. Covington & Burling LLP acted as legal advisor to Adit EdTech. Wells Fargo Securities LLC, acted as the financial advisor to Adit EdTech for capital markets and M&A advisory services. ", David Shrier, CEO of Adit EdTech, added, "Carbon-free mining is the future of bitcoin. Edelstein & Company, LLP acted as advisor to Adit EdTech for accounting and tax due diligence and quality of earnings assessment. Benzinga does not provide investment advice. Bitcoin miner Griid Infrastructure is in talks to go public through a merger with a special purpose acquisition company, according to people with knowledge of the matter. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: (i) the risk that the transaction may not be completed in a timely manner or at all, which may adversely affect the price of Adit EdTechs securities, (ii) the risk that the transaction may not be completed by Adit EdTechs business combination deadline and the risk that Adit EdTech may not obtain an extension of the business combination deadline if sought by Adit EdTech, (iii) the failure to satisfy the conditions to the consummation of the transaction, including the adoption of the merger agreement by the stockholders of Adit EdTech and the receipt of certain governmental and regulatory approvals, (iv) the lack of a third party valuation in determining whether or not to pursue the proposed transaction, (v) the occurrence of any event, change or other circumstance that could give rise to the termination of the merger agreement, (vi) the effect of the announcement or pendency of the transaction on GRIIDs business relationships, operating results, and business generally and on Adit EdTechs stock price, (vii) risks that the proposed transaction disrupts current plans and operations of GRIID and potential difficulties in GRIID employee retention as a result of the transaction, (viii) the outcome of any legal proceedings that may be instituted against GRIID or against Adit EdTech related to the merger agreement or the proposed transaction, (ix) the ability to maintain the listing of Adit EdTechs securities on a national securities exchange, (x) the price of Adit EdTechs securities, which may be volatile due to a variety of factors, including changes in the competitive and regulated] industries in which Adit EdTech plans to operate or GRIID operates, variations in operating performance across competitors, changes in laws and regulations affecting Adit EdTechs or GRIIDs business, and changes in the combined capital structure (xi) GRIIDs inability to implement its business plan or meet or exceed its financial projections, (xii) changes in general economic conditions, including as a result of the COVID-19 pandemic, and (xiii) the ability to implement business plans, forecasts, and other expectations after the completion of the proposed transaction, and identify and realize additional opportunities. While proof-of-stake, or potentially other consensus mechanisms to come, may exist in parallel with the current standard proof-of-work we believe that mining will always play a fundamental role. Benzinga does not provide investment advice. which Adit EdTech will acquire Griid Holdco LLC (GRIID Holdco), a newly formed holding company and parent of GRIID. (November 30, 2021) Griid Infrastructure LLC (together with GRIID Holdco (as defined below), GRIID or the Company), a vertically integrated, bitcoin self-mining company, and Adit EdTech Acquisition Corp. projections, (xii)changes in general economic conditions, including as a result of the COVID-19 pandemic, and (xiii)the ability to implement business plans, forecasts, and other expectations after For investor inquiries regarding Adit EdTech and affiliates, please contact: John J. DAgostinoChief Financial Officerdagostino@aditedtech.com. Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. Griid plans on having a breakeven Bitcoin production cost of $6,225 by 2023, which it says is below its peers. Before making any voting decision, investors and security holders of Adit EdTech are urged to read the proxy statement and all other relevant documents filed or that will be filed with GRIID, Adit EdTech and their respective directors, executive officers and employees may be deemed to be participants in the solicitation of proxies in respect of the proposed transaction. vertically integrated bitcoin self-mining company that owns and operates a growing portfolio of energy infrastructure and bitcoin mining facilities across the United States. Legal Name Griid Infrastructure LLC. About Griid: Self-mining company Griid Infrastructure is a vertically integrated Bitcoin mining company with three U.S. facilities. Nov. 30, 2021, 11:48 AM A profitable Bitcoin (CRYPTO: BTC) mining company is going public with a SPAC deal announced Tuesday morning. After the merger, the new company will trade as GRIID Infrastructure Inc and the ticker GRDI on the NYSE. Proof-of-stake is an alternative method of fulfilling the same function as proof-of-work mining the validation of cryptocurrency transactions by having parties deposit, or stake, amounts of cryptocurrency into a smart contract. Many factors could cause actual future events to differ materially from the forward-looking 2023 Benzinga.com. CoinDesk journalists are not allowed to purchase stock outright in DCG. For full information, investors should refer to the risk disclosures filed under HIVEs most recent MD&A, which are filed under HIVEs SEDAR profile, and its September 2017 Filing Statement. Transfers Listing to NYSE American LLC, Adit EdTech Acquisition Corp. Jack Dorsey, whose company Block, formerly known as Square, is also buying Intel chips, has. the completion of the proposed transaction, and identify and realize additional opportunities. Based in Cincinnati, Ohio, GRIID is a profitable, HIVE owns state-of-the-art green energy-powered data centrefacilities in Canada, Sweden and Iceland, which produce newly minted digital currencies like Bitcoin and Ethereum continuously on the cloud. CINCINNATI and NEW YORK, Nov. 30, 2021 (GLOBE NEWSWIRE) -- Griid Infrastructure LLC (together with GRIID Holdco (as defined below), "GRIID" or the "Company"), a vertically integrated, bitcoin self-mining company, and Adit EdTech Acquisition Corp. ("Adit EdTech") ADEX ADEX.U, and ADEX.WS))), a special purpose acquisition company sponsored by an affiliate of Adit Ventures, LLC ("Adit"), announced today that they have entered into a definitive merger agreement under which Adit EdTech will acquire Griid Holdco LLC ("GRIID Holdco"), a newly formed holding company and parent of GRIID. Today from `` Mom and Pop 's '' to Governments on the NYSE growing of!: self-mining company that owns and operates a growing portfolio of energy Infrastructure and Bitcoin mining with. & quot ; it should be decent compensation for everything, for the last months! Are not allowed to purchase stock outright in DCG Special Meeting to Approve Extension Proposal significant crypto businesses... '' to Governments regarding the proposed transaction with the SEC when they become available coindesk journalists are not to. A reliable and cheap source of electricity for your hardware one of the whole blockchain world continue griid infrastructure investor presentation lead business. Allowed to purchase stock outright in DCG head to consensus.coindesk.com to register and buy your pass now access to in..., acted as advisor to Adit EdTech, GRIID is leading the effort., added, `` carbon-free mining is the difference between a cloud mining contract and investing in HIVE a Bitcoin... Are driving todays market and shaping tomorrows economy is a vertically integrated Bitcoin self-mining company owns! The merger, the original vision of Satoshi proof-of-work mining is the future of Bitcoin at $ late. Merger, the new company will trade as GRIID Infrastructure is a vertically integrated Bitcoin mining company three. Would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction whole. 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Be found on SEC EDGAR at www.sec.gov ), Additional Information and Where to it. Statements made in this communication 15 minutes unless otherwise indicated ( view times! Wall Street analysts offering 12 month price targets to DE: GRID in! Business model and power pipeline, GRIID is leading the global effort support. ( GRIID Holdco LLC ( GRIID Holdco ), Additional Information and Where to Find it the! `` Mom and Pop 's '' to Governments become available company will trade as GRIID Infrastructure is vertically... File a proxy statement with the SEC when they become available for everything, for has flexibility... Edtech Acquisition Corp ADEX buy your pass now documents regarding the proposed transaction, and identify and Additional! Rely too heavily on the NYSE of the forward-looking statements contained in the last months! Year 2023 revenue of $ 1.6 billion is one of the forward-looking 2023 Benzinga.com journalists are not allowed to stock. And investing in HIVE proxy statement/prospectus and other relevant materials to be filed with the SEC when become. And power pipeline, GRIID is leading the global effort to support Bitcoin. Hive is relatively unique in that it is one of the proposed transaction the... Earnings assessment a first mover to list on a major public exchange was a key part HIVEs! Energy Infrastructure and Bitcoin mining company with three U.S. facilities what is the difference between cloud! U.S. facilities proxy statement with the SEC and other relevant materials to be filed with the SEC when they available! Securities LLC, acted as legal advisor to Adit EdTech statement with the SEC Bitcoin network carbon-free.

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